OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is why we wrote this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?
Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d rather watch a video instead, take a look at this channel’s review. They will guide the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.
If you prefer the written word, go over the basics before we go over the costs and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Cheapest Way To Mint Nft
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The best part about these is that they permit users to post NFTs bought or created elsewhere.
How does OpenSea operate?
If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading very similar.
For OpenSea The majority of the assets that are listed on the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is complete your digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you need is to have a web3 supported wallet.
For those who are buyers you can use their browser to search for NFTs that you’d like to purchase. There are filters that can aid in your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs that you can purchase through OpenSea. There are eight categories to which they usually belong. Let’s take a closer look at each.
Music
Music may be one of the most well-known NFTs all time. It’s not restricted to just songs; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs became popular, some people invested in collectibles like baseball cards, movie props, or even the older technologies.
For NFTs, you can gather avatars, virtual pets or any other characters that could be sold or acquired. The rarer they are, the more value they possess. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art has always been among the most well-known NFT prior to when NFT became a reality. Today it is possible to do the same with digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs or images, as well as videos of short length.
Trading Cards
You can also collect digital trading cards like the ones from Sorare as well as BCCG.
Sports
Digital items related to sports are also available, like animated team logos.
Virtual Worlds
VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things like game elements and the VR environment virtual objects, characters and even virtual land. A popular instance could be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is simple. All you need to do is list them in the marketplace. It’s all you have to do is ensure your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select among five selling options. The choices are:
Fixed Price
The seller will be the one to charge the cost of the NFT. Like the name suggests it is not subject to change.
Dutch Auction
In an auction like the Dutch Auction, the seller determines a price that will fluctuate in time. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
English Auction
The seller puts up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.
OpenSea is able to automatically approve the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. They can be sold through the marketplace.
Bundles
If you are looking to sell several NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only have to pay 2.5% when you purchase an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost affordable.
However, you must be aware that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token following the time your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For example, game developers are paid up to 15% commissions for items they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards to pay for or transfer funds. Cheapest Way To Mint Nft
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of the wallets and blockchains they can support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s look at the advantages and disadvantages that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have any experience or expertise in blockchain technology or programming. Cheapest Way To Mint Nft
They also offer several types of digital currency, which makes it one of the most popular NFT marketplaces. The low platform costs are also a great way for you to earn more income.
Cons
Although it is open source and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase on the platform.
Bottom Line
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that can be a service to a broad range of NFTs. The number of categories available will increase when the market is integrated with decentralized finance.
The OpenSea ecosystem allows customers to conduct transactions without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 %.
All in all, OpenSea is an excellent marketplace, both for NFT traders and professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Cheapest Way To Mint Nft
What do I need so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, the browsers must work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled up to get started.
Does OpenSea have a support team?
Yes, they have a support team you can contact through the contact page. Go to their official website and look on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also check out their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, which means they change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser you can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled with money to start.
Does OpenSea have a support team?
Yes, they have a support staff that you can reach via their contact form. Visit their official website and search at “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for auction. It’s simple and free of gas to do, however you should look over their instructional videos.
What are gas fees?
These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The prices are driven through the marketplace, so they change every now and then.
